OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 66,474-square-foot retail property occupied by Family Fare Supermarket in Omaha for $4.4 million. The building is located at 5110 S. 108th St. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided. Family Fare operates more than 80 locations in seven states.
The landscape of multifamily Internet access is changing rapidly, driven by evolving resident expectations. No longer merely a utility, reliable Wi-Fi and Ethernet connections are essential for attracting and retaining residents, along with cutting operation costs. Expanding connectivity needs, work-from-home (WFH) culture and growing interest in smart-home applications are all driving residents’ Internet requirements. The centrality of Internet access for multifamily residents was inevitable in the long run, according to Bryan Rader, president of Multi-Dwelling Units (MDU) at Pavlov Media. COVID lockdowns accelerated an already burgeoning trend: bulk-managed Internet designed to improve connections and simplify growing demand. Bulk-managed connectivity offers a variety of solutions for on-site managers, residents and owners, as well as cost savings in unexpected areas. This approach provides building-wide Internet connections through a single provider, rather than asking residents to sign up individually with one of several Internet providers. The bulk Internet management company may also install and manage the building’s connection infrastructure. The simplicity of bulk-managed Internet (which started as bulk-managed Wi-Fi in student housing) is becoming increasingly practical for multifamily buildings. In the last four or five years, the traditional multifamily industry is starting to follow the same model that became standard in student housing …
CLAYTON, MO. — Midas Construction has broken ground on the $50 million AC Hotel Clayton in the St. Louis suburb of Clayton. The hotel will rise 11 stories with 207 rooms. Completion is slated for early 2024. The project is revitalizing a historic, underutilized site that once housed the former headquarters of the Clayton Police, which relocated in 2011. The hotel, designed for business and leisure travelers, will feature a rooftop bar and restaurant that will be open to the public. Construction was originally scheduled to begin in March 2020 but was postponed due to the pandemic. The development team consists of Koplar Properties, HomeBase Partners and Concord Hospitality.
OVERLAND PARK, KAN. — Sethmar Transportation has signed a 20,000-square-foot lease at the Aspiria office campus in Overland Park. Sethmar expects to take occupancy of its new headquarters space in October. The company will maintain operations in Colorado, Arkansas and Illinois. The Overland Park office will house approximately 50 employees focused on providing freight forwarding and logistics solutions. Jim Gates of JLL represented Sethmar. Occidental Management owns Aspiria, which is a redevelopment of the former Sprint campus.
GREENFIELD, IND. — Hanley Investment Group Real Estate Advisors has arranged the sales of three restaurant properties in Greenfield, an eastern suburb of Indianapolis. Dylan Mallory of Hanley and Jacque Haynes of Midland Atlantic Properties represented the seller and developer, Indianapolis-based Midland Atlantic Properties, in all three transactions. All three properties are part of a new development named Greenfield Market. In the first sale, a 2,616-square-foot building occupied by Chipotle Mexican Grill sold to a Simi Valley, Calif.-based private investor for $2.9 million. The property features a mobile order drive-thru lane. David Leibowitz of IREA Inc. represented the buyer. In the second transaction, a 3,500-square-foot property occupied by Panera Bread sold to a Hillsborough, Calif.-based private investor for $2.9 million. The building features two drive-thru lanes. Jeff Ida and Doug Ogard of Marcus & Millichap represented the buyer. In the third sale, a 4,500-square-foot Chick-fil-A ground lease sold for $3.1 million to a Dallas-based private investor, who was self-represented.
CHICAGO — Interra Realty has brokered the sale of a pair of multifamily buildings located at 906-908 N. Damen Ave. in Chicago’s Ukrainian Village neighborhood for $2.5 million. Originally built in 1905, the buildings comprise two one-bedroom units, eight two-bedroom units and two three-bedroom floor plans. The apartments were fully occupied at the time of sale. Brad Feldman of Interra represented the seller, a local real estate partnership. Feldman also represented the group when it bought the properties in 2017 for $1.7 million. Jeremy Morton of Interra represented the local buyer, which plans to increase electric capacity and make minor upgrades to units, hallways and facades.
NEW HAVEN, IND. — Bradley Co. has negotiated the sale of a 53,000-square-foot industrial building located along Hartzell Street in New Haven, just east of Fort Wayne. The sales price was undisclosed. Bill Drinkall and Dave Horacek of Bradley represented the seller, an entity doing business as Debray LLC. Marquardt Property Management LLC was the buyer.
CHICAGO — CEDARst Cos. and WeWork have unveiled plans to open the first WeWork location on Chicago’s North Side as part of the adaptive reuse project of the Bridgeview Bank building. The WeWork location will offer nearly 25,000 square feet of flexible workspace and is slated to open this fall. CEDARst is redeveloping the historic property into a $58 million mixed-use project. Plans call for 176 apartment units, 13,500 square feet of retail space and 19,000 square feet of office space in addition to the WeWork space. CEDARst’s property management company, FLATS, will manage the asset. The Bridgeview Bank building dates back to 1925.
ELGIN, ILL. — McShane Construction Co. has broken ground on Hanover Landing, a 40-unit affordable housing community that will serve vulnerable populations and individuals with disabilities in Elgin. UPholdings is the developer. Located at 711 E. Chicago St., the three-story property will feature amenities such as a community lounge, computer room, fitness center, laundry facilities and outdoor space. Residents will also have access to services such as case management, life skill training and employment assistance. Hanover Township partnered with UPholdings and the Housing Opportunity Development Corp. on the project. Ecker Center for Behavioral Health will serve as the lead service provider and operate an onsite clinic. Hooker DeJong is the architect. Completion is slated for September 2023.
NEW LENOX, ILL. — Inland Green Capital LLC, an environmental finance and investment company, has originated $21.1 million in Commercial Property Assessed Clean Energy (C-PACE) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 N. Prairie Road in New Lenox. The C-PACE capital will help fund HVAC, LED lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements. The improvements are expected to reduce the property’s annual electricity and water consumption by 834,000 kilowatt-hours and 378,000 gallons, respectively, when compared with a standard baseline building performance model. PACE is a financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties.